I haven’t had any issues here, and I find the courts here to actually be extremely landlord-friendly (even in Boulder which may surprise some people, but I’ve always been treated very well in that court).

@Jay Hinrichs Well first Jay I know you are extremely experienced and I suspect Carlos is as well so let me start by saying you both have my respect. 

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.What else can we assist you with?

My portfolio has performed extremely well in the mid-west.

It's extremely common in our area for rehab home get bid 200k from asking while the gap to ready-to-move-in house is only 75k away.So if you live in market where DOM<10 ; you better list it into the market. 

I have a mortgage on that property.In about 6 months, a family member is going to sell me their house for an extremely reasonable price.

I have read through the replies with extreme interest.The goal is to not run out of income before you run out of life.

This is extremely common in the Detroit market, but it seemed very odd to me initially also.You simply put an inspection period in your offer so you can walk it and decide if it's for you or not.In terms of rent rolls, etc. you may not be getting a response on this for the same reason.

I have worked for and with billionaires and hundreds of mult-millionaires and rarely do they go to this extreme.

I'm not saying that your plan can't work, I'm just pointing out that these types of extremely cheap properties usually come with TONS of unique management and sales challenges that don't occur with more run-of-the-mill properties, so you'll want to study up on those issues and have a game plan before proceeding...regardless of what you decide to do, it may be a good idea to consider how you could leverage this deal as a springboard to get you to other, higher-grade properties......the good news is that you're only $5k into this thing, so you're not in too deep...yet...Good luck out there!